My officemates and I were in a car going back to our office after having lunch out when one of our senior analysts warned us about Citibank credit card in the Philippines. She said that the local Citibank credit card is experiencing data security problem and the company is seriously losing large sum of money. I cannot almost believe in what she said because the Citibank Group is one of the most respected companies in the world. However, the rests of my officemates were not shocked about this story and it seems like they were long-time aware of the Citibank problem.
They claimed there were already cases wherein some people had received a Citibank credit card but the information that they were using was the identity of other persons. Usually they were using the identity of managers and executives of various well-known companies in the
Some of my officemates said that this Citibank data theft problem in the
According to my boss who is a former Microsoft employee, the Citibank data theft might not be due to system hacking. It is only a mere inside job problem at Citibank with regards to false encoding of information into their system or it might also possibly that their employees haven’t carefully verified the applications of the false persons. I didn’t know if Citibank call center agents should also be blamed with the Citibank data theft problem. But most of us feel that the problem should only be isolated with one or two departments that take care of data encoding into the system and it might not directly include the Citibank call center agents.
We are not Citibankers therefore we couldn’t confirm how terrible this issue is. However, according to the rumored that one of my officemates knew, the Citibank N.A. Philippine local credit card division might already close. It is because they had huge number of bad debts plus they were continuously experiencing uncontrollable data theft problems. The local Citibank credit card group (not the Citibank call center) is already facing serious financial difficulty therefore if the company cannot resolved their collection and data theft problem, the division might be sold to other local credit card companies in the Philippines.